Aetna Assumes Remainder of MBL Life Immediate Annuity Business; MBL Annuitants to Receive New Variable Options.HARTFORD, Conn.--(BUSINESS WIRE)--June 24, 1999-- Aetna Retirement Services announced today that Aetna Life Insurance and Annuity Company (ALIAC) has entered into an agreement with MBL MBL Mobile MBL Marine Biological Laboratory MBL Macquarie Bank Limited MBL Mannose-Binding Lectin MBL Marine Boundary Layer MBL Member Business Lending (credit unions) MBL Movimiento Bolivia Libre Life Assurance Corporation to issue new Aetna Immediate Annuity immediate annuity An annuity that is purchased with a lump sum and that begins making payments one period after the purchase. Immediate annuities are most commonly purchased by people who have accumulated a sum of money and are ready for retirement. contracts in substitution for certain MBL Life variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. contracts. MBL Life is a former subsidiary of the Mutual Benefit Life Insurance Company The Mutual Benefit Life Insurance Company was a life insurance company based in Newark, New Jersey that was chartered in 1845. The company was headed by Frederick Frelinghuysen (1848–1924). , which was placed in rehabilitation by the New Jersey Insurance Commissioner in 1991. MBL Life assumed and reinsured the insurance liabilities and assumed most of the assets of Mutual Benefit Life as part of a court-approved rehabilitation plan. The ALIAC transaction is one of the final steps in the successful conclusion of the Mutual Benefit Life rehabilitation. "Aetna's annuity contracts are especially designed to help meet the needs of individuals in their retirement years," said Catherine Smith Catherine Smith (or Catherina Smith) was an English novelist and actress, best known for her Gothic fiction. Almost all that is known of her is that she came from a wealthy family, and had acted at the Haymarket Theatre in London. , Chief Financial Officer of Aetna Retirement Services. "We offer a comprehensive slate of investment options that can be tailored to provide a stream of income for life." Most of the affected contract participants in the ALIAC transaction are retirees who have annuitized under the terms of the MBL Life contracts. The transaction provides the retirees with an ALIAC contract that, while substantially similar, provides increased investment flexibility. ALIAC's Immediate Annuity has 26 funds with fund transfer capability during the terms of the payout. Subject to approval by the New Jersey Superior Court overseeing the rehabilitation, and the satisfaction of other closing conditions, closing is expected to take place on or about July 14, 1999 with the first benefit payment from ALIAC anticipated to occur on August 1st. ALIAC enjoys strong ratings from the major insurance company rating agencies which pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to its financial strength and not to the safety and performance of the investment options. ALIAC was chosen by MBL Life because of its ability to provide a competitive product and professional customer service. Aetna Life Insurance and Annuity Company, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Aetna Retirement Services, Inc., provides a full range of products for a lifetime of financial needs. Securities are offered by Aetna Investment Services, Inc. and Aetna Life Insurance and Annuity Company. Aetna Investment Services, Inc., and Aetna Retirement Services, Inc. are subsidiaries of Hartford, Connecticut-based Aetna Inc., one of the nation's largest stockholder-owned insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies. |
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